Sunday, February 17, 2013

3 Essentials to a Startup's Success

The successful multiple entrepreneurs I have met from India who made a success of their ventures in Silicon Valley and moved elsewhere or returned to India to set up another successful start up, I believe that the factors that has led to their success are three. The entrerpreneurs trying to recreate this magic in different parts of the world, would have to do a little hard work to look at these three factors, change the mindset from secrecy to openness, and build further upon it to encourage new enterprises.

a. Belief in themselves. They are passionate and even at a young age have the capacity to thing differently. People who have moved from India, from an environment, where questioning a system-largely- is not encouraged, suddenly find themselves into an environment, where to move up the ladder, you need to think differently, and have a firm belief in your idea, and in yourself. b. Trust. The entrepreneurs who have shared their learning and experiences have found another most significant enabling factor in US is Trust. People trust each other. Even if it is a kid who tells his parents that he is going to go independent and create something of his/her own, he is encouraged. The freedom to carve your own niche, to build your own road, to make your own destiny, firmly motivates the people to go ahead and succeed. c. The Network: As Robert very rightly said, you have successful entrepreneurs, the investors and funding agencies, and professionals from entire support system that enable you to remain motivated and follow your goal. There is a positive ecosystem that encourages you to network and benefit from the experiences of others. The successful entrepreneurs who have returned from US and setup their own enterprise in India, are endeavouring through organisations like TiE to build a system of mentorship for the budding youngsters who are full of ideas and looking for the right break.